Rather than letting the economy take its course (i.e. the free market thing to do), former U.S. President George Bush (RINO – Texas) decided in October 2008 to “reach across the aisle” to Congressional Democrats and draft “bipartisan legislation” that would bail out Wall Street banks that were “too big to fail.”
“Getting things done,” in other words.
You remember the day capitalism in America died, don’t you? We do.
Anyway, how’d that plan work out?
Sixteen months later, America is still mired in the worst economic recession in eighty years, with unemployment stuck at 10 percent and underemployment at 17.3 percent – and that’s after $13 trillion spent, lent or pledged on “recovery.”
In the process, the national debt has raced past $12 trillion and there’s a record $1.5 trillion deficit – which is expected to grow to $2 trillion (or higher) in the coming years.
Not surprisingly, current U.S. President Barack Obama – who has put Bush’s ill-advised government interventionism on steroids – is now looking for money to pay for all of this unprecedented borrowing. Accordingly, he’s starting with the financial institutions that came under the government’s thumb as a result of America’s descent into socialism.
Specifically, Obama is proposing $120 billion worth of bank fees in the coming year’s budget to “cover” losses in the Troubled Asset Relief Program (TARP).
Obama will reportedly announce his bank fee plans on Thursday.
Yeah … about those “strings attached.”
Looks like government is getting ready to pull …
By Liberty For Me January 13, 2010 at 9:48 am
UHHHH….I think the price of gold is getting ready to set another high.
Can these people think of anything else to destroy whatever is left?..I know that is a dumb question.How about cash for sofas??…I need a new one.
By Carl Marks January 13, 2010 at 9:53 am
Chill out comrade, it’s all for the Common Good?™
By votar January 13, 2010 at 10:47 am
Hmmm…so who will end up eating those fees? Yes, Middle America!
By 2 cents January 13, 2010 at 7:48 pm
Not just middle America. All of America. I voted Obama in thinking he would get us out of Afghan and Iraq. Now he wants $33 billion for the war. We best grab onto something, whatever we can find, because it’s all downhill from here.
By icterus January 14, 2010 at 6:33 pm
Wow! Isn’t it interesting that the most irresponsbile banks– Fannie Mae and Freddy Mack are except from paying these fines!
It helps to be a friend of Attorney General Holder, Sen. Dobbs, and Cong. Barney Frank !
Meanwhile, some banks which never received a dime of taxpayer’s monies will be forced to pay fines…
Dems are in charge, for sure!
By jmb27 January 16, 2010 at 11:05 am
Predatory Lending is a major contributor to the economic turmoil we are currently experiencing.
Here is an example of what I am talking about:
Scott Veerkamp / Predatory Lending (Franklin Township School Board Member.)
Please review this information from U.S. Senator Jeff Merkley regarding deceptive lending practices:
“Steering payments were made to brokers who enticed unsuspecting homeowners into deceptive and expensive mortgages. These secret bonus payments, often called Yield Spread Premiums, turned home mortgages into a SCAM.”
The Center for Responsible Lending says YSP “steals equity from struggling families.”
1. Scott collected nearly $10,000 on two separate mortgages using YSP and junk fees. 2. This is an average of $5,000 per loan. 3. The median value of the properties was $135,000. 4. Clearly, this type of lending represents a major ripoff for consumers.
http://merkley.senate.gov/newsroom/press/release/?id=A09C6A80-537A-4EB1-83C5-31925F046B6F